If you want the house of your dreams and effectively negotiate the dollar amount in today’s market, you are going to have to “kill the seller with kindness.” Here are some strategies that will present you with better opportunity:
1. Don’t be a sight-unseen buyer. This is a siutation where the buyer tries to tie up a property until they have a chance to really look. Instead be thoroughly informed about the the property. Schedule multiple viewings with your agent and look beyond the overt.
2. Don’t be a sale-contingent buyer. If you are offering to buy a home contingent on the sale of yours, then you need to consider waiting until you are ready.
3. Don’t give a low down payment. A low down payment makes it difficult for the mortgage company to appraise the value of the home and cold tie up the escrow process. Put a large amount down with a prequalifying letter. This is the strongest signal of commitment.
3. Don’t push more contingencies than necessary. Truthfully in most cases the only two contingencies needed are: “upon appraisal” and “upon inspection.”
4. Don’t be inflexible with mortgage terms. Instead show that you are committed to the contract and won’t walk away at the last possible minute.
5. Don’t be a bully buyer. Don’t approach the seller with a list all the things wrong with the house, nit-pick discolusre statements and the inspection. Instead, be extremely positive. If there is anything you are uncertain of, talk to your agent remember you can always get a second opinion, and right now there are plenty of great buys on the market.